A 4 day downtrend has resulted in the asset losing $39.5. Today is looking a bit better: the Soybeans future trades at $1,489 per bushel, after ending yesterday at $1,485.
United States Crude Oil Inventories is next today at 15:30 UTC.
Uncertainty around CME Soybeans is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 14.87 million, while the previous figure was 3.30 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.977, while the previous figure was 4.093.
Soybeans's upper Bollinger Band® is at $1,513.83, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests the Soybeans future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Grains as Oats is up 0.73%.
Moreover, United States Crude Oil Inventories expected to decline to -2.24 million while its preceding data was 1.69 million, data will be available today at 15:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
Trading mostly sideways for 3 months. Having soared to a high of $1,746.75 approximately 7 months ago, Soybeans is now trading 15% lower.